Required information The following information applies to the questions displayed below] On January 1 when the market interest rate was 8 percent, Seton Corporation completed a $220,000, 7 percent bond issue for $205.240. The bonds pay interest each December 3T and mature in 10 years. Assume Seton Corporation uses the effective interest method to amortize the bond discount Required: 1. & 2. Prepare the required journal entries to record the bond issuance and the first interest payment on December 31, (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. Round your answers to the nearest whole dollar) Required information Journal entry worksheet 2 Record the issuance of bonds for S205,240 with a face value of $220,000, Note: Enter debits before credits Date General Soumi Debit Credli January 01 Record entry Clear entry View general journal Required information Journal entry worksheet 1 2 Record the interest payment on December 31. Note: Enter debits before credits General Journal Date December 31 Debit Credit Record entry Clear entry View general journal